4 Energy Stock Stories Attracting Thursday Attention
BP (NYSE:BP): Closing price $41.78
On Thursday, the Russian state oil major Rosneft offered to take over the small shareholders in TNK-BP Holding, but said that it would pay less for the shares than the price at the time of the acquisition back in March. Chief Executive Igor Sechin remarked that Rosneft was not a “charity fund” when it purchased TNK-BP and had not intended to buy out minority shareholders, triggering complaints from them and questions from global investors regarding corporate governance in Russia. Following the TNK-BP deal, Rosneft became the biggest oil producer on the planet by output, pumping 4.5 million barrels per day, which is almost nearly half of Russia’s total, However, its capitalization at $74 billion is but a fraction of that of ExxonMobil.